Wednesday, June 4, 2008

Entrepreneurial Instincts

Almost every successful executive I’ve ever met has an entrepreneurial itch they’d love to scratch – yet very few ever do.

Why? What is it that sets apart those who go out on their own from the majority who never try?

It’s simple – those who venture out have an overwhelming desire to be their own boss. It's the primary driver in their decision making.

A recent article in Business Week supports that fact and confirms what I’ve seen and heard from those executives who have taken the leap from the corporate world to that of the entrepreneur. http://www.businessweek.com/smallbiz/content/jan2008/sb20080123_809271.htm

And while the financial rewards of business ownership often don’t match the returns they might amass in the corporate world, the data strongly indicates that people who run their own business experience greater job satisfaction than people who don’t. In fact, they say they’d need to earn 2 ½ times as much working for someone else to be as happy.

Most new ventures are small, increasingly home based, and have an uneven track record of long term success, with less than 45% of startups still going after five years.

But the skills, experiences and capital executives bring to starting a company dramatically raise their chances of success. They write business plans, rigorously execute them, know how to attract talented people and bring fact-based decision making to the table. And, when in the market for acquisitions, they're positioned to ask the right questions, conduct due diligence and acquire profitable operations.

Successful entrepreneurs need a strong dose of self-confidence, high energy, dogged persistence, a tolerance for risk and a mastery of the same planning, organizing and business skills required in the corporate world.

And most importantly, they need the ability to generate business activity. For, as many a business owner has found out, it’s often a lot easier to do the work, than it is to get the work.

According to the Kauffman Index of Entrepreneurial Activity, some 465,000 people create new businesses in this country every month. http://www.kauffman.org/items.cfm?itemID=861

If you want to be part of that number, can meet the criteria for success and your instinct says entrepreneurial, consider going for it.

1 comment:

Anonymous said...

Just stopped by on Dave Opton's recommendation. I will be a frequent visitor...great stuff.
best, GL HOFFMAN
Minneapolis
http://blogs.jobdig.com/wwds

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